Accrued Interest Paid on Purchases

[nocruiser2021]

I have accrued interest paid on purchases not reported to IRS.  Do I enter amount on tax return to reduce tax?

[LindaS5247]

If you have accrued interest reported in Box 8 of a Form 1099-INT, you should enter the Form 1099-INT as it is shown. Check the box "My form has info in other boxes" to get Box 8 to show .

Accrued Interest Paid is typically deductible against the associated interest income. If it was for taxable bonds, then it is deductible toward taxable interest income. If it was for municipal bonds, then it's deductible only against tax exempt interest.